A Wickes warehouse has been bought for £9 million.

The site in Overy Street, Dartford, has been acquired by Metric Income Plus Limited Partnership, a joint venture between FTSE 250 property company LondonMetric Property and pension fund Universities Superannuation Scheme.

The 40,000 sq ft warehouse had been owned by a private investor.

The new owners have granted a new 20-year lease to Wickes, which will pay £600,000 a year in rent, giving them a 6.2% net initial yield.

In May, the same joint venture bought a Wickes in Chatham for £6.9 million.

It was advised by Knight Frank and Beaton Associates on Dartford.

It also announced a deal to buy a B&Q warehouse in Hull for £9.4 million.

Andrew Jones, chief executive of LondonMetric, said: “These are two strong income-producing assets, let off an average lease term of over 15 years, generating an income return on equity in excess of 10%.

“Both assets trade well and these transactions demonstrate our strong occupier relationships to source attractive off-market opportunities, in both the retail and logistics sector.”

Graham Burnett, head of property at USS, said: “These are attractive acquisitions by LondonMetric on behalf of MIPP which continues to be a successful joint venture for the scheme and its members.”